New Board Elected for Atlantic Petroleum

Tórshavn, Faroe Islands, 2017-04-28 16:18 CEST (GLOBE NEWSWIRE) -- At P/F Atlantic Petroleum's (NASDAQ OMX: ATLA DKK & Oslo Stock Exchange: ATLA NOK) Annual General Meeting held in Torshavn 28th April, The Right Honourable Charles Hendry, Birgir Durhuus, and Ben Arabo, CEO of Atlantic Petroleum, were elected to the three person Board of Directors of Atlantic Petroleum.

The Board constituted itself with Birgir Durhuus as Chairman and Charles Hendry as Deputy Chairman.

Birgir Durhuus is currently CEO at Moma Advisors A/S in Copenhagen.

He is a proven business developer and investment advisor with experience on both sell-side and buy-side. Having spent the early years as a fixed income and derivatives analyst, the past 10 years have been mainly focused on alternative investments. Birgir was the Chairman of the Board for Atlantic Petroleum from 2009 to 2015.

Charles Hendry was UK Minister of State for Energy from May 2010 until September 2012. Since leaving ministerial office he has undertaken a wide range of roles, including as President of the British Institute of Energy Economics, chair of the Forewind Consortium from 2013-2015, and in 2016 he was appointed by the UK Government to lead a review into the strategic case for tidal lagoons and their role in the UK energy mix. Charles Hendry was nominated for the Atlantic Petroleum Board by London Oil and Gas.

Ben Arabo CEO said:

"I am very pleased to welcome Birgir Durhuus and Charles Hendry to the Board of Atlantic Petroleum. The Company will be facing exciting times ahead with near term cashflow from revenue from the UK Orlando field and many business development opportunities. The very broad experience brought by Charles and Birgir is going to be key to securing future growth."

Charles Hendry comments:

"I have always advocated that our energy policy needs to be a balance of nuclear, renewables and gas. It is in our energy security interest that we should maximise the recovery of assets from the North Sea and this is a very exciting time to be joining Atlantic Petroleum, which is showing a very positive approach at a challenging time for the industry".

Atlantic Petroleum in brief:

Atlantic Petroleum participates in oil and gas joint ventures with reputable, international partners. Atlantic Petroleum P/F is based in Tórshavn, Faroe Islands, and the Company currently has an office in London, UK. Atlantic Petroleum's existing shares are listed on NASDAQ OMX Copenhagen and on Oslo Stock Exchange.

Further Details:

Further details can be obtained from Ben Arabo, CEO, tel +298 550100 (ben.arabo@petroleum.fo). This announcement will be available, together with other information about Atlantic Petroleum, on the Company's website: www.petroleum.fo.

On the website, it is also possible to sign up for the Company's e-mail newsletter.

Announcement no.9/2017

Issued 28-04-2017

         P/F Atlantic Petroleum
         Yviri við Strond 4
         P.O. Box 1228
         FO-110 Tórshavn
         Faroe Islands
         
         Telephone +44 203 879 0524
         Website: www.petroleum.fo
         E-mail: petroleum@petroleum.fo